I really wonder if tomorrow we will see a limit down day to end the quarter on the sp500. Perhaps it is wishful thinking, perhaps not, but this market appears to be on weak foundations and I suspect these endless end of day rallies are orchestrated by the big players so that they can unload their inventory before the big dump. The market has played so many games the last month and a half constantly tricking both bulls and bears and not ‘giving in’ to the bearish trend.
So again I would not at all be surprised to see a limit down day tomorrow and an ugly Friday close. This is an equal opportunity market. It makes bears and bulls feel bad after the close and before the market open… So today it made the bulls feel good on the reversal, so how bout making the bears feel good in the A.M. ?
AAPL, PCLN and NFLX look quite weak and these where the lead sled dogs before, now they are acting like dogs.
The drop in demand for Ipad parts by the factory in China was spun by an investment bank to be a non issue, but I suspect it has to do with waning demand for Ipads. I mean for crying out loud the entire world is raising taxes, cutting and shrinking government, cutting jobs, and now we need another Ipad ?
The 50 Day moving average on the sp500 appears to be gaining some downside momentum. The bulls had better start closing this market ABOVE the 50 DMA soon, very soon, otherwise they will have to deal with an accelerated trend down.